VD MED: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VD MED
Largest movements
- Receivables within one year +€94,783
up €94,783 (+168.4%), from €56,285 to €151,069
of which Other amounts receivable: +€93,783
- Tangible fixed assets -€24,377
down €24,377 (-8.8%), from €275,796 to €251,419
of which Other tangible fixed assets: -€13,232
- Cash -€23,394
down €23,394 (-59.3%), from €39,454 to €16,059
mainly Contributions, distributions and other (-€216,000) and Receivables within one year (-€94,783)
- Other debts +€160,000
new in 2025: €160,000
- Reserves -€111,739
down €111,739 (-28.9%), from €386,456 to €274,718
- Gross operating margin +€70,165
up €70,165 (+66.6%), from €105,285 to €175,450
- Taxes +€21,417
up €21,417 (+97.1%), from €22,052 to €43,470
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €399,102 | €446,226 | +€47,124 | +11.8% |
| Fixed assets | 21/28 | €275,796 | €251,419 | -€24,377 | -8.8% |
| Tangible fixed assets | 22/27 | €275,796 | €251,419 | -€24,377 | -8.8% |
| Land and buildings | 22 | €228,151 | €217,622 | -€10,529 | -4.6% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €4,566 | €3,950 | -€616 | -13.5% |
| Other tangible fixed assets | 26 | €43,079 | €29,846 | -€13,232 | -30.7% |
| Current assets | 29/58 | €123,306 | €194,807 | +€71,501 | +58.0% |
| Amounts receivable within one year | 40/41 | €56,285 | €151,069 | +€94,783 | +168.4% |
| Trade receivables | 40 | - | €1,000 | +€1,000 | |
| Other amounts receivable | 41 | €56,285 | €150,069 | +€93,783 | +166.6% |
| Current investments | 50/53 | €26,510 | €26,613 | +€103 | +0.4% |
| Cash at bank and in hand | 54/58 | €39,454 | €16,059 | -€23,394 | -59.3% |
| Deferred charges and accrued income | 490/1 | €1,057 | €1,066 | +€9 | +0.9% |
| Total equity and liabilities | 10/49 | €399,102 | €446,226 | +€47,124 | +11.8% |
| Equity | 10/15 | €386,456 | €274,718 | -€111,739 | -28.9% |
| Reserves | 13 | €386,456 | €274,718 | -€111,739 | -28.9% |
| Distributable reserves | 133 | €386,456 | €274,718 | -€111,739 | -28.9% |
| Amounts payable | 17/49 | €12,646 | €171,508 | +€158,863 | +1256.3% |
| Amounts payable within one year | 42/48 | €11,908 | €170,731 | +€158,823 | +1333.7% |
| Trade debts | 44 | €312 | €1,131 | +€819 | +262.9% |
| Suppliers | 440/4 | €312 | €1,131 | +€819 | +262.9% |
| Taxes, remuneration and social security | 45 | €11,597 | €9,600 | -€1,997 | -17.2% |
| Taxes | 450/3 | €11,597 | €9,600 | -€1,997 | -17.2% |
| Other amounts payable | 47/48 | - | €160,000 | +€160,000 | |
| Accrued charges and deferred income | 492/3 | €738 | €778 | +€40 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,796 | €26,130 | +€334 | +1.3% |
| Other operating charges | 640/8 | €1,351 | €1,418 | +€67 | +5.0% |
| Gross operating margin | 9900 | €105,285 | €175,450 | +€70,165 | +66.6% |
| Operating profit (loss) | 9901 | €78,138 | €147,902 | +€69,764 | +89.3% |
| Financial income | 75/76B | €186 | €206 | +€20 | +10.5% |
| Recurring financial income | 75 | €186 | €206 | +€20 | +10.5% |
| Financial charges | 65/66B | €207 | €377 | +€170 | +82.0% |
| Recurring financial charges | 65 | €207 | €377 | +€170 | +82.0% |
| Profit (loss) for the period before taxes | 9903 | €78,118 | €147,731 | +€69,613 | +89.1% |
| Income taxes | 67/77 | €22,052 | €43,470 | +€21,417 | +97.1% |
| Profit (loss) for the period | 9904 | €56,065 | €104,261 | +€48,196 | +86.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,065 | €104,261 | +€48,196 | +86.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.